Israel’s diamond trade saw a decrease in the trade in polished diamonds and an increase in the trade in rough diamonds in the first quarter of 2024, according to the quarterly summary published by the inspector of diamonds at the Ministry of Economy and Industry.
In another example of the continuing benefits to Israel’s economy brought by the Abraham Accords, the United Arab Emirates – an original signatory – played a large role here. In March, the export of rough diamonds to the United Arab Emirates amounted to about $20 million, which is about 19% of Israel’s general rough diamond export in March. This month, rough diamonds totaling approximately $57 million will be imported from the United Arab Emirates to Israel, which make up approximately 51% of the total rough diamonds imported to Israel in March.
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The Israeli diamond trade is a major player in the global diamond industry. It’s particularly well known for its polished diamonds. Israel is one of the world’s three major centers for polished diamonds, alongside Belgium and India.
The Israel Diamond Exchange (IDE) was established in 1937 and is one of the largest diamond trading centers in the world. It operates under the concept of “all under one roof” providing a secure and convenient environment for members to conduct business.
The Israeli diamond industry is concentrated around the Israel Diamond Exchange located in Ramat Gan, a suburb of Tel Aviv. If you are looking to buy diamonds in Israel, there are a number of shops and dealers located in this area. It is important to do your research before making any diamond purchases to ensure you are getting a good quality stone at a fair price.
In total, in the first quarter of this year, the net import of rough diamonds to Israel amounted to approximately $322 dollars, an increase of approximately 12% compared to the corresponding period last year (in the month of March alone, an increase of approximately 60% was recorded compared to the month of March 2023). The net export of rough diamonds during the same period amounted to about $294 million, an increase of about 10% compared to the first quarter in 2023 (when in March alone there was an increase of about 49% compared to March last year).
The net import of polished diamonds in the first quarter of this year amounted to approximately 487 million dollars, a decrease of approximately 33% compared to the corresponding quarter in 2023 (when in the month of March alone there was a decrease of approximately 41% compared to March last year) while in the export of net polished diamonds, which amounted to about 566 million dollars, a decrease of about 32% was recorded compared to the corresponding quarter in 2023 (when in March 2024 a deficit of about $77 million was recorded in this category, apparently due to the returns of diamonds from Hong Kong, where an exhibition was held large at the beginning of the month. A higher deficit for the same reason was also recorded in March 2023).
“The global diamond industry continues to suffer from the upheavals that have accompanied it since the outbreak of the war in Ukraine and the sanctions imposed on Russia, and Israel is no different in this regard from the other global trade centers in the industry,” said Ofir Gur, the supervisor of diamonds at the Ministry of Economy and Industry. “However, the positive trade data in rough diamonds is satisfactory Cautious reasons for optimism and we continue to monitor the situation in the world market and the consequences that this may have on the industry in Israel.”
